CALGARY,
AB, July 6, 2022 /CNW/ - Petro-Victory Energy
Corp. ("Petro-Victory" or the "Company") (TSXV: VRY) is delighted
to announce that Mr. Timothy L. Dove
has joined the Company in the capacity as advisor to the Board of
Directors.
Highlights
- Former CEO of Dallas, Texas
based $64 billion market cap company,
Pioneer Natural Resources (NYSE: PXD), Timothy L. Dove has joined the Company in an
advisory capacity to the Board of Directors
- Mr. Dove brings over 40 years of onshore upstream oil and gas
industry experience to the Petro-Victory leadership team
- Mr. Dove joins Petro-Victory at an inflection point for the
Company as it begins the development and monetization of its
onshore portfolio in Brazil
Corporate Update – Advisor to the
Board
The Company is delighted to announce that Timothy L. Dove has joined the Company in an
advisory capacity to the Board of Directors. Mr. Dove brings a
wealth of operational, financial and commercial expertise from his
long and successful career in the oil and gas sector in various
international countries and U.S. domestic basins, both conventional
and unconventional. Mr. Dove will support the Board and assist the
Board with strategic direction as the Company embarks on its
onshore growth program in Brazil's
Potiguar and Barreirinhas Basins.
Richard F.
Gonzalez, Petro-Victory CEO commented:
"I am incredibly excited and honored to announce Tim's role as
an advisor to our Board. His wealth of knowledge and
experience that he offers our Company significantly enhances our
team talent as we launch our growth strategy. Collectively,
the Board of Directors looks forward to working with Tim as an
integral part of the team."
Timothy L. Dove
commented:
"Richard
Gonzalez, his team and the Board of Directors of
Petro-Victory have assembled a strong foothold in Brazil that is poised to bring significant
value to fruition for its shareholders. I am excited to play
a role in the Company's success."
Biography – Mr Timothy L. Dove
Mr. Dove retired as the CEO of Dallas-based Pioneer Natural Resources in
2019. Across his twenty-five year career at Pioneer he
first served as a VP and EVP of Business Development followed by
nineteen years in successive roles as Chief Financial
Officer, President and Chief Operating Officer, and
ultimately Pioneer's Chief Executive Officer. Tim also served 5
years as a member of Pioneer's Board of Directors.
Prior to Pioneer, Tim held management roles over thirteen years
with Diamond Shamrock Corporation and its upstream successor Maxus
Energy.
Mr. Dove now serves as an independent board member of Wildfire
Energy and as an advisory director for Oilfield Water
Logistics. He is the Chairman of the Foundation of Jesuit
College Preparatory School in Dallas and is a member of the MIT Corporate
Development Committee. He is a past president of the Dallas
Petroleum Club, a past chairman of the Dallas Wildcat Committee and
a past member of the Dream Dallas Advisory Council for Habitat for
Humanity.
Mr. Dove is a 1979 graduate of MIT
with a Bachelor of Science in Mechanical Engineering and received
his MBA from the University of Chicago
in 1981.
In connection with the appointment to the advisory position, the
Company has granted Mr. Dove an aggregate of 25,000 options to
purchase Company Shares exercisable at the current market price of
CAD$2.30 for a period of five (5)
years.
The Company has determined that exemptions from the various
requirements of TSX Venture Exchange Policy 5.9 are available for
the grant of these Options. The Options are subject to TSX
Venture Exchange acceptance.
About Petro-Victory Energy
Corp.
Petro-Victory Energy Corp. is engaged in the acquisition,
development, and production of crude oil and natural gas resources
in Brazil. The company holds 100%
operating and working interests in thirty-eight (38) licenses
totaling 257,604 acres in two producing basins in Brazil.
Petro-Victory generates accretive shareholder value through
disciplined investments in high impact, low risk assets. The
Company's Common Shares trade on the TSX Venture Exchange ("TSXV")
under the ticker symbol VRY.
Cautionary Note
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy
or accuracy of this release.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities, in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The
securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States unless an exemption from such registration is
available.
Advisory Regarding Forward-Looking Statements
In the interest of providing Petro-Victory's shareholders and
potential investors with information regarding Petro-Victory's
future plans and operations, certain statements in this press
release are "forward-looking statements" within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and
"forward-looking information" within the meaning of applicable
Canadian securities legislation (collectively, "forward-looking
statements"). In some cases, forward-looking statements can be
identified by terminology such as "anticipate", "believe",
"continue", "could", "estimate", "expect", "forecast", "intend",
"may", "objective", "ongoing", "outlook", "potential", "project",
"plan", "should", "target", "would", "will" or similar words
suggesting future outcomes, events or performance. The
forward-looking statements contained in this press release speak
only as of the date thereof and are expressly qualified by this
cautionary statement.
Specifically, this press release
contains forward-looking statements relating to but not limited to: our
business strategies, plans and objectives, and drilling, testing
and exploration expectations. These forward-looking statements
are based on certain key assumptions regarding, among other
things: our ability to add production and reserves through our
exploration activities; the receipt, in a timely manner, of
regulatory and other required approvals for our operating
activities; the availability and cost of labor and other
industry services; the continuance of existing and, in
certain circumstances, proposed tax and royalty regimes; and
current industry conditions, laws and regulations continuing
in effect (or, where changes are proposed, such changes
being adopted as anticipated). Readers are cautioned that
such assumptions, although considered reasonable by
Petro-Victory at the time of preparation, may
prove to be incorrect.
Actual results achieved will vary from the information provided
herein as a result of numerous known and unknown risks and
uncertainties and other factors.
The above summary of assumptions and risks related to
forward-looking statements in this
press release has been provided in order to provide
shareholders and potential
investors with a more complete perspective on
Petro-Victory's current and future operations and such information
may not be appropriate for other purposes. There is no
representation by Petro-Victory that actual results achieved will
be the same in whole or in part as those referenced in the
forward-looking statements and Petro-Victory does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required by applicable
securities law.
SOURCE Petro-Victory Energy Corp.